Homeowners spending too much by auto renewing home insurance

By Jonathan Dawes, Tue 1 Nov 2011 - Published in Insurance

Brits with home insurance policies who fail to shop around are missing out on the chance to save money, and spending unnecessary money each year.

According to new research from MoneySupermarket.com, British homeowners are spending over the odds for home insurance to the tune of Ł667 million per year.

The average time to stay with the same insurer is three years, whilst seven per cent of all consumers say they have stayed put for at least ten years.

By simply shopping around, it is estimated that the average Compare Now customer could save up to Ł125 per year on their home insurance premium.

Peter Harrison, insurance spokesperson at MoneySupermarket, said that automatic renewals had obvious benefits for those who had little time on their hands.

"Shopping around for the best deal is quick and easy, but by not doing so, consumers are effectively watching their hard earned cash go down the drain," he added.

Recent research from Defaqto has discovered that 80 per cent of Brits are now happy to shop online for their home insurance.

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